1000s of new homes pushed through planning to boost UK economy and housing market
As London emerges from lockdown, tens of thousands of new homes are being rushed through planning with the aim to increase house sales, boost the housing market and revive the UK economy
Despite unprecedented disruption to the UK’s housing market, more than 22,000 new homes in London have been given the green light.
It’s an attempt to stimulate the post-Covid economy with new homes and jobs for the construction industry.
Even though chaos struck planning departments when lockdown was imposed, the number of new homes approved from January to May by local authorities is on a par with the first five months of last year, say experts Molior.
After a strong start to the year, 4,618 homes received planning permission in April and May, the most restricted period of the lockdown, as councils rushed to set up virtual meetings and boost the market. This momentum has continued into June.
Building just one home supports 26 tradespeople, from bricklayers to decorators, not forgetting the supply chain of conveyancers, estate agents, removal companies and surveyors, says the Federation of Master Builders.
“There continues to be a massive social need to build affordable housing in London, and a massive economic need to create jobs.
Both factors mean it was of the utmost importance to get construction sites back up and running in a safe way,” says Craig Hughes, global head of real estate at PwC.
“We must continue to accelerate approvals and the delivery of high-quality, affordable new homes,” he adds.